BMI View: Fiscal loosening by the newly-initiated Socialist-led government in Portugal and rising privateconsumption will benefit pharmaceutical sales in 2016 According to the latest data on market activity wehave revised upwards our pharmaceutical market forecast, although operating challenges will remain dueto high levels of debt in the public hospital sector Meanwhile, with competitiveness to diminish due to thepartial reversal of austerity measures, we do not see major room for Portuguese industrial sectors tobecome more attractive to investors in the near term, including the pharmaceutical sector That said, longtermdemand for healthcare due to an ageing population will keep translating into the need for access tomedical treatment, supporting market growth over the forecast period

Headline Expenditure Projections- Pharmaceuticals: EUR343bn (USD459bn) in 2014 to EUR344bn (USD378bn) in 2015; 03% in localcurrency and -177% in US dollar terms Forecast revised upwards from last quarter in local currencyterms and US dollar terms- Healthcare: EUR1607bn (USD2153bn) in 2014 to EUR1582bn (USD1741bn) in 2015; 03% in localcurrency and -177% in US dollar terms Forecast revised downwards from last quarter in local currencyterms and US dollar terms

Emerging Business Models Drive Transformation The key objective of this research is to provide in-depth knowledge of the major global pharmaceutical CMO market segments—active pharmaceutical ingredients ...